How Commutes, Public Transit, & Nearby Roadways Affect Home Value
Home values can be challenging to estimate, as their desirability and estimated pricing can be determined by five factors that constitute a good location. One indicator of a valuable location involves access to public transportation options, major highways, and roadways. In fact, it's one of the most important things to look out for before buying a home.
With millennials being the dominant demographic of buyers today, many still commute or have family members in college or entering the workforce. However, a healthy balance is important. Other buyers may work from home or be retired and only want peace and quiet, so not everyone will be concerned about commuting and driving time. Keep reading to learn how access to roads and transit affect the value of your home and property.
City Dwellers Love Public Transportation Access
Depending on the community, it may be far from conveniences like shops and restaurants, or it may be easy to walk or bike to most destinations. Some individuals in moderate to larger cities may appreciate having public transportation options like bus lines, trains, cabs, or ride-sharing options. Schedules for local transit can be viewed easily online, along with routes, pricing, and regulations for riding.
Those who prefer personal transportation are likely to be more concerned about having ample roadways nearby to get around for work and errands more quickly. Before buying, it's wise to look into the busiest roadways utilized during peak hours to see how long commute times are first. Remember, depending on the buyer's preferences and lifestyle, and the home value can be impacted positively or negatively.
Commuters Look For Nearby Roadways
The majority of homeowners aim to ease their commute with short drive times, meaning that nearby major thoroughfares, toll roads, and less trafficked highways may be essential. These buyers will be more attracted to such homes and are often willing to pay more for the convenience. Hence, they view the home's appreciated value differently than other buyers.
That being said, other buyers might predominantly head out for shopping and entertainment purposes, so roadway access might be less of a consideration for them when buying a home. In other instances, some buyers want to keep noise levels low and are willing to drive further to access major roads just for the peace and quiet of being further away.
Commuting Costs Add Up
They say that time is money, and a long commute can eat into one's valuable time. However, those who plan to drive or take public transportation will consider additional expenses beyond time. Factor in the prices of local transit, how long it takes to get to pick-up points, and the reliability of the public system.
Those personal driving vehicles will need to keep in mind the added expense of:
- Vehicle Maintenance
- Car Insurance
- Repair Costs
- Toll Road Fares
- Fuel Costs
In such cases where heavy traffic poses a challenge or the public transit system is unreliable, some buyers may be tempted to look at other homes closer to where they need to go or be willing to pay less for a home in these areas.
Do Noise Levels Change Home Values?
While some who are used to big city living or life in the city center might be used to traffic noise, certain buyers will want to avoid homes near loud roadways. While this is a personal choice, it is best to consult with a local real estate agent to discuss the area's average buyer personae. This can help determine how noise may affect the appreciation or depreciation of a home's value for those going up for sale or for one that is up for consideration for purchase.
Learn More About Drive Times, Public Transit, and Home Value
Because each buyer is different in what they want and needs in the realm of road and transit access, the best way to find out how it will impact home value is best left to the experts. Overall, location can impact home values as much as high-ROI energy-efficient upgrades. Evaluate a location by using tools like Google Maps, and be sure to tour the surrounding area when considering a property. Don't hesitate to take a few personal test runs of commute times and public transportation to get a good idea for yourself.